banking question for canadians

[1profiler 0]

When cashing checks from online poker rooms my bank makes me wait 21 business days. Im thinking about opening up another account if I can find one that doesnt put holds on the checks. How long do you guys have to wait if at all???

[Devilkin 0]

Don't use the cheque method - use an account service like NetTeller - took me a whole 2 hours to clear my last withdrawl from the poker site to NetTeller, then one day from NetTeller to my bank account.Dev

[funplyr9 0]

7 days, but i usually have enuff money to cover, so it doesn't matter. never really more than $200.With neteller I am wired in to my checking account directly. Cashout to Neteller, then transfer to my checking, usually done within 5 days.Good Luck

[MarionSauce 0]

I got my cheques from Royal Vegas in two days!

[gloyner 0]

What does Neteller charge for both deposits and withdrawals between your bank account and neteller? I know that there's no charge going in and out of a poker site from neteller.Thx

[funplyr9 0]

around 3% to deposit with credit card, around 8% from checking.i cant find any withdrawl fees using EFT electronic funds transfer

[eRock 0]

There is no charge for "slow" EFTs. Withdrawals usually take about 3 business days to reach my chequing account.However, I think you can pay for a quicker transaction (what Neteller calls instacash).Just note that they apply the following rule if your Neteller acct is in US$ and you are transfering to a C$ bank account:"Note: If your withdrawal transaction involves a currency conversion, the exchange rate that NETELLER applies is an average daily inter-bank market rate published by a third party foreign currency data provider plus 1.9%. NETELLER retains this amount as a foreign exchange processing fee."

[1profiler 0]

My bank account is Royal Bank.... I was wondering if say Toronto Dominion, Bank of Montreal, Scotia Bank processed the checks faster than the 21 days that Royal takes to do them. If not I will try the Neteller option.

[gloyner 0]

"Note: If your withdrawal transaction involves a currency conversion, the exchange rate that NETELLER applies is an average daily inter-bank market rate published by a third party foreign currency data provider plus 1.9%. NETELLER retains this amount as a foreign exchange processing fee."

Always getting hosed on the currency exchange... mind you the credit card companies do the same thing when deposited straight to a poker site, so no difference I suppose. Thanks for the info

[mrdannyg 274]

My bank account is Royal Bank.... I was wondering if say Toronto Dominion, Bank of Montreal, Scotia Bank processed the checks faster than the 21 days that Royal takes to do them.  If not I will try the Neteller option.

not 100% sure its the same thing, but TD usually takes 10 business days to clear

[mlavigueur 0]

I'm with Laurentian Bank and my cheques clear the same day. Hope this helps.

[Royal_Tour 0]

My bank account is Royal Bank.... I was wondering if say Toronto Dominion, Bank of Montreal, Scotia Bank processed the checks faster than the 21 days that Royal takes to do them. If not I will try the Neteller option.

I'm with Royal Bank, and CIBC.. i hate royal bank., but i have many years of loyal service behind them.. so they are pretty easy with me., But for cash outs i use Neteller. its the best bet. no hassles, and if u need it quick. its small 5 - 8 % fee.

[Guest Anonymous]

My bank account is Royal Bank.... I was wondering if say Toronto Dominion, Bank of Montreal, Scotia Bank processed the checks faster than the 21 days that Royal takes to do them. If not I will try the Neteller option.

The Royal Bank is stingy with checks. By default they always take a certain amount of time to clear. Just call them up and tell them you want to change that. My checks clear right away with the Royal. As long as you've never bounced a check or deposited a wrong amount of cash in an ATM they should upgrade you with no trouble.

[T0xic 0]

I'm with Scotia and they clear the same day. I think it makes a difference if you have all of your accounts with the bank. I have everything including mortgage with the Scotia bank. If you just have a chequing account they will probably put a hold on it.

[slappy 0]

All of this assumes you have a US chequing account at your bank.A couple of options to clear a cheque faster .. maintain a balance of at least the cheque amount .. or sometimes $1000.Arrange overdraft protection on your account of at least 1000, or the typical cheque size you expect to cash - this will require a credit check, income verification etc.Either of these may allow cheques to clear immediately.The bank is usually just looking to cover themselves in the event the cheque bounces.Also, might be worthwhile to request several smaller cheques from you poker site rather than 1 big one. A large cheque from "bob's bank in the Caymans" might give you more trouble than a couple of smaller ones.Ask at your branch and see if any of these approaches help. I do almost all of my banking at Royal and usually carry a balance of US funds since I work in the US and live in Canada. I also have overdraft in place. I have never had a cheque held (6 times in the 400-600 range.)When I first started working in the US .. I had some trouble with cheque holding. The $1000 balance fixed that. Later I set up overdraft and now I don't need to carry a balance.One option you might want to look at is with TD/Canada Trust. Canada trust used to have a "borderless" US funds account. It had some nice features, including a preferred exchange rate .. about a penny to a penny and a half better than the standard rate. Other banks will give you a preferred rate if you exchange over $5000 at a time.If you ever cash big (win a MTT for say at least $25,000) and want to exchange to Canadian .. go to the bank .. ask for the manager and negotiate the exchange rate. There is usually 3 points between the median rate .. and what the bank will give you by default. The bank will typically tighten that gap for large transactions.If you just want your #@$% money .. the neteller option will get you there faster in most cases .. but they take their taste as well. -EV

[Bad_Beat_Butters 0]

When it comes to cheques from gaming sources I know the Royal can be a real bastard. I had a 1200 dollar cheque from OLGC playing Proline and they held it for 5 business days -Like the OLGC is a credit risk!. Neteller has never been a problem

[1profiler 0]

Ok thanks for the help guys I am going to check out a few of those options.